| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14596 |
| 来源ID | Working Paper 14596 |
| Opting Out of the Great Inflation: German Monetary Policy After the Break Down of Bretton Woods | |
| Andreas Beyer; Vitor Gaspar; Christina Gerberding; Otmar Issing | |
| 发表日期 | 2008-12-18 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the Bundesbank provided the role model for the European Central Bank. Hence, we examine an episode of lasting importance in European monetary history. The purpose of this paper is to highlight how the Bundesbank monetary policy strategy contributed to this success. We analyze the strategy as it was conceived, communicated and refined by the Bundesbank itself. We propose a theoretical framework (following Söderström, 2005) where monetary targeting is interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation expectations. We derive an interest rate rule and show empirically that it approximates the way the Bundesbank conducted monetary policy over the period 1975-1998. We compare the Bundesbank's monetary policy rule with those of the FED and of the Bank of England. We find that the Bundesbank's policy reaction function was characterized by strong persistence of policy rates as well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response to the level of the output gap was not significant. In our empirical analysis we use real-time data, as available to policy-makers at the time. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w14596 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572269 |
| 推荐引用方式 GB/T 7714 | Andreas Beyer,Vitor Gaspar,Christina Gerberding,et al. Opting Out of the Great Inflation: German Monetary Policy After the Break Down of Bretton Woods. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14596.pdf（406KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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